I don't think that hardly any American citizens are aware that the Democrat president Bill Clinton and a Republican Congress repealed a 66-year-old banking and finance act known as the Glass Steagall Banking Act of 1933. This Act put together all of the research of the 1929 Wall Street Meltdown that sparked the great depression and wrote an act to prohibit ever happening again. The Act did its job. For 66 years there was no such event in the US. The Act was repealed in full as an act of Deregulation of the banking and finance industry. The president and the congress that repealed all relevant regulation of banking in 1999 put nothing back in its place. Seven short years later Wall Street imploded triggering the Wall Street Meltdown of 2007-2008-2009 through today. Frank Dodd was supposed to replace it, but both sides of congress had gutted it into a meaningless corpse by the time it was enacted.
There has been no meaningful regulation of finance since 1999, over twenty years. If there are no regulations there is no need for regulators. The only meaningful regulation coming out of Frank-Dodd was provided by the Consumer Finance Protection Bureau. Donald Trump sent his evil little henchman Mick Mulvaney to render it useless in 2017. It took him 3 days to send 100 million dollars in collected fines back to the banks that paid had voluntarily paid them.
The CFPB has been around but has done nothing relevant since December of 2018. If you have been wondering why the CFPB does not answer your pleadings for help, it is because there is no one there to read them. This is what the word deregulation means in America in the 21st century.
The taxpayers propped up the "Too Big To Fail Banks" with 3 trillion dollars. The revived banks have been on a relentless crime spree ever since. Responsible for tens of millions of fraudulent foreclosures based on servicing lists and not Promissory Notes.
In the headline in the story below from Wall Street On Parade, the beginning of the headline says"Using Bank Deposits". By this, they mean JPMorgan Chase used the money from the depositors checking and savings accounts to fund "risky investments". Glass-Steagall does did not allow this. However, there is no prohibition from doing this in NO regulation. Nothing is prohibited. This has not been fixed for twenty years. Wake up depositors, JPMorgan Chase was using taxpayer insured (FDIC) checking and savings deposits to fund its risky investments. These particular risky investments were in fact so risky they failed to the tune of 3.2 Billion bucks. The taxpayers will just have to pay even more taxes to cover it. Jamie Dimon is no better than a modern-day Al Capone. CONTINUE READING
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